Financial Data and Key Metrics Changes - For fiscal 2025, net income was $128.4 million, or $1.97 per common unit, compared to $107.7 million, or $1.68 per common unit in the prior year [12] - Adjusted EBITDA for fiscal 2025 was $278 million, an increase of $28 million, or 11.2%, compared to the prior year [12] - Total gross margin for fiscal 2025 was $866.4 million, an increase of $46.8 million, or 5.7%, compared to the prior year [15] Business Line Data and Key Metrics Changes - Retail propane gallons sold for fiscal 2025 were 400.5 million gallons, an increase of 5.9% compared to the prior year [13] - In the RNG operations, average daily RNG injection for the fiscal year was approximately 13% lower compared to the prior year due to operational downtimes [16] Market Data and Key Metrics Changes - Average wholesale propane prices for fiscal 2025 were $0.79 per gallon, which was 5.8% higher than the prior year [14] - U.S. propane inventories at the end of the fiscal year were at 106 million barrels, which was 6% higher than a year ago [15] Company Strategy and Development Direction - The long-term strategic growth plan focuses on fostering the growth of the core propane business while investing in lower carbon renewable energy alternatives [25] - The company is positioned to take advantage of the growing respect for propane as a versatile and clean energy solution [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational and financial strength of the company, emphasizing the importance of safety and customer service [25][26] - The company is prepared for the new heating season and is optimistic about future growth opportunities [27] Other Important Information - The company declared a quarterly distribution of $0.325 per common unit, with a distribution coverage of 2.13 times for the trailing 12 months ended September 2025 [24] - The company launched an at-the-market equity program to sell up to $100 million of newly issued common units, raising $23.5 million in net proceeds during fiscal 2025 [10] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded with closing remarks from management [29][30]

Financial Data and Key Metrics Changes - Revenues for the third quarter of 2025 were $59.2 million, an increase of approximately $7 million from the second quarter, driven by biodiesel orders in India and improved ethanol production pricing [3][4] - Operating loss improved sequentially due to higher volumes and lower selling, general and administrative expenses [4] - Cash at the end of the quarter was $5.6 million after $4.1 million in investments for carbon intensity reduction and dairy renewable natural gas production expansion [4] Business Line Data and Key Metrics Changes - California Dairy Natural Gas generated $4 million in revenue from 12 operating digesters, with seven digesters using the CARB-approved LCFS pathway [4][6] - India Biofuels reported $14.5 million in revenues, with a new CFO appointed to target a public listing in 2026 [4][11] - The dairy RNG business increased biogas production capacity by over 30% with a new multi-dairy digester coming online [6][7] Market Data and Key Metrics Changes - LCFS credit revenue increased by 160% for approved dairy digesters starting in Q3 compared to those with pending approvals [7] - Ethanol pricing improved due to lower corn prices, with legislative approval for 15% ethanol blending in California expected to increase demand by over 600 million gallons per year [10][16] - The California Low Carbon Fuel Standard saw credit prices rise by more than 25% since summer, with expectations for further increases [14] Company Strategy and Development Direction - The company aims to diversify income streams from India, LCFS credits, and federal tax incentives, positioning for a strong exit to 2025 and increased income streams in 2026 [5][17] - Aemetis is targeting an IPO for its India subsidiary in early 2026, with plans to expand into biogas and ethanol production supported by government policies [11][17] - Future projects include a sustainable aviation fuel facility and a carbon capture project at the Riverbank site, with significant potential for revenue generation starting in 2026 [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the impact of federal and state policies on the biofuels and biogas industries, anticipating strong growth in revenues and cash flow through 2026 [17][18] - The company is focused on refinancing expensive debt, supported by anticipated revenues from 45(z) production tax credits [29][45] - Management highlighted the importance of regulatory clarity and the potential for increased demand for biofuels due to legislative changes [16][38] Other Important Information - The company has completed initial site work for a carbon capture project, which is expected to sequester up to 1.4 million tons of CO2 per year [12][13] - Aemetis has received $20 million in grants and federal tax credits to fund its mechanical vapor recompression system, expected to significantly reduce natural gas use [9][10] - The company is negotiating agreements to utilize the Riverbank site for lower emissions and cost-effective power solutions [13] Q&A Session Summary Question: Ethanol segment performance and corn costs - Management noted that lower corn costs benefited the ethanol industry, but corn basis issues affected pricing [19][20] - The operational strategy has shifted to reduce reliance on petroleum and natural gas, leveraging low-carbon intensity electricity [21][22] Question: Impact of E15 approval in California - Management expects rapid adoption of E15 by retailers due to competitive pricing advantages [24][25] Question: India IPO and EBITDA profile - The company plans to sell 20%-25% of its India subsidiary, with a valuation range of $100 million to $300 million anticipated [43][44] Question: Refinancing timeline and debt management - Management is in the process of refinancing expensive debt, with expectations for improved cash flow from 45(z) credits to support this [29][45] Question: Dairy digesters and production capacity - The recent increase in production capacity is expected to positively impact future run rates, with additional digesters under construction [47][48] Question: Use of IPO proceeds - A portion of the IPO proceeds will be used for refinancing in the U.S., while also funding growth in India [52][53]

Financial Data and Key Metrics Changes - The company reported a third-quarter operating EBITDA growth of over 15% and free cash flow growth of nearly 33% [8] - Total company operating EBITDA margin reached 30.6%, the best quarterly result in history, while the legacy business achieved a margin of 32% [19][24] - Free cash flow for the first nine months of 2025 grew 13.5% to $2.11 billion, with operating EBITDA to free cash flow conversion approaching 42% in Q3 [21][24] Business Line Data and Key Metrics Changes - The collection and disposal business contributed more than half of the year-over-year increase in operating EBITDA, with MSW and special waste volumes growing by 5% and 5.5% respectively [8][10] - Operating EBITDA margins in the collection and disposal business expanded by 100 basis points to a record 38.4%, with operating EBITDA growing more than 7% [14] - The healthcare solutions segment's operating EBITDA margin improved to 17.5% as integration efforts progressed [20] Market Data and Key Metrics Changes - The company experienced strong organic revenue growth driven by disciplined pricing and improving volume trends, with core price at 6% [15] - Landfill volumes rose by 5.2%, with broad strength across MSW, special waste, and construction and demolition [16] - Recycling segment's operating EBITDA grew by 18% despite a nearly 35% decline in recycled commodity prices [10] Company Strategy and Development Direction - The company is focused on maximizing customer lifetime value through pricing strategies and leveraging technology to optimize costs [9] - Strategic investments in technology and automation are expected to yield benefits in 2026, with free cash flow projected to approach $3.8 billion [11][12] - The company remains disciplined in capital allocation, expecting to translate performance into returns for shareholders [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of the healthcare solutions acquisition, despite a more measured revenue growth pace than initially projected [22][23] - The company anticipates achieving targeted operating EBITDA contributions from the healthcare solutions acquisition, with synergy capture exceeding expectations [23] - Management remains optimistic about achieving strong earnings, margin, and cash flow growth in 2025 and building on this success into 2026 [24] Other Important Information - The company has returned $1 billion to shareholders in dividends and allocated over $400 million to solid waste acquisitions through the first three quarters of 2025 [22] - The CFO announced retirement after 23 years with the company, expressing confidence in the incoming CFO and the company's future [24][25] Q&A Session Summary Question: How much have you benefited from the one-time cleanup work at the landfill? - The total revenues from wildfire volumes were around $115 million for the year, with Q3 solid waste results indicating $145 million in EBITDA growth without meaningful impacts from wildfires [30] Question: Can you provide details on the charges this quarter? - The landfill impairment was due to a long-term pursuit of expansion at a hazardous waste landfill that was deemed no longer worth pursuing [31][32] Question: What are the expectations for sustainability EBITDA? - The company expects to hit the sustainability EBITDA target for 2025, with a step-up anticipated in Q4 [37] Question: How is the healthcare solutions business performing? - The healthcare solutions business is experiencing some churn but has renewed nearly $200 million worth of business with strong average price increases [90] Question: What is the outlook for M&A activity? - The company is looking at a normal $100 million to $200 million in M&A for 2026, with potential for additional transactions in Q4 [84][86]

Financial Data and Key Metrics Changes - The company reported a third-quarter operating EBITDA growth of over 15% and free cash flow growth of nearly 33% [6][10] - Total company operating EBITDA margin reached 30.6%, the best quarterly result in history, while the legacy business achieved a margin of 32% [18][19] - Free cash flow for the first nine months of 2025 grew 13.5% to $2.11 billion, with operating EBITDA to free cash flow conversion approaching 42% [20][21] Business Line Data and Key Metrics Changes - The collection and disposal business contributed more than half of the year-over-year increase in operating EBITDA, with MSW and special waste volumes growing by 5% and 5.5% respectively [6][12] - Operating EBITDA margins in the collection and disposal business expanded by 100 basis points to a record 38.4%, with every line of business contributing to growth [12][14] - The healthcare solutions segment's operating EBITDA margin improved to 17.5%, reflecting successful integration efforts [19][23] Market Data and Key Metrics Changes - The company experienced solid organic revenue growth driven by disciplined pricing and improving volume trends, with core price at 6% [13][14] - Landfill volumes rose by 5.2%, with broad strength across MSW, special waste, and construction and demolition [14][48] - Despite a nearly 35% decline in recycled commodity prices, the recycling segment's operating EBITDA grew by 18% [9][20] Company Strategy and Development Direction - The company is focused on maximizing customer lifetime value through pricing strategies and technology optimization [6][7] - Investments in technology and automation, as well as in new recycling and renewable natural gas facilities, are expected to yield benefits in 2026 [10][11] - The company remains disciplined in capital allocation, expecting to return significant value to shareholders through dividends and potential share repurchases [21][79] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of the healthcare solutions acquisition, despite a more measured revenue growth pace than initially projected [21][23] - The company anticipates a strong fourth quarter, driven by improved execution and a robust post-collection network [50][51] - Management highlighted the importance of customer-centric strategies and operational efficiencies in driving future growth [62][64] Other Important Information - The company has returned $1 billion to shareholders in dividends and allocated over $400 million to solid waste acquisitions [21] - The CFO announced retirement plans, expressing confidence in the incoming CFO and the company's future [24][25] Q&A Session Summary Question: How much have you benefited from one-time cleanup work at the landfill? - The company indicated that total revenues from wildfire volumes were around $115 million for the year, with a significant EBITDA growth in solid waste results without meaningful impacts from wildfires [29][30] Question: Can you clarify the charges this quarter? - The landfill impairment was due to a long-term pursuit of expansion that was deemed no longer viable, leading to recorded impairments [31][32] Question: What are the expectations for 2026 free cash flow? - The company expects free cash flow to approach $3.8 billion, driven by a wind-down of sustainability investments and strong performance from the legacy business [10][33] Question: How is the healthcare solutions business performing? - The healthcare solutions business is experiencing some churn but has renewed nearly $200 million worth of business, indicating strong customer retention and growth potential [81] Question: What is the outlook for M&A activity? - The company anticipates a normal M&A pipeline of $100 million to $200 million for 2026, with ongoing integration of the healthcare solutions business [77][79]

Financial Data and Key Metrics Changes - The company ended the quarter with $127 million in cash, cash equivalents, and restricted cash [12] - Combined operating revenue, interest, and investment income for the second quarter was $44.7 million, with income from operations at $5.8 million and non-GAAP adjusted EBITDA at $17.3 million [12][14] - For the first six months of 2025, net income grew by $20 million and non-GAAP adjusted EBITDA increased by $32 million compared to the same period last year [14] Business Line Data and Key Metrics Changes - Gevo North Dakota generated income from operations of $17.1 million and non-GAAP adjusted EBITDA of $24.2 million [13] - Gevo RNG generated income from operations of $1.5 million and non-GAAP adjusted EBITDA of $2.6 million [13] - The company sold $22 million worth of clean fuel production credits in the second quarter, contributing to the financial results [14][20] Market Data and Key Metrics Changes - U.S. jet fuel demand is projected to increase by 2.3 billion gallons per year over the next decade, while new refinery construction is not occurring [8][28] - The marketplace for carbon dioxide removal credits has exceeded $10 billion in recent years, reflecting nearly 40 million tons of CO2 removals [19] Company Strategy and Development Direction - The company is focused on deploying renewable resource-based jet fuel plants while improving profitability through existing operations [6][11] - The strategy includes leveraging current assets to enhance carbon credit sales and tax credit sales [11] - The company is translating its ATJ 60 plant design to a more cost-effective ATJ 30 design for deployment at the North Dakota site [9][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's progress and the potential for significant growth in the renewable jet fuel market [6][28] - The company aims to achieve a low carbon footprint while maintaining competitive production costs [8][11] - Management highlighted the importance of carbon credit sales as a co-product to enhance overall profitability [11][18] Other Important Information - The company has developed a software platform, Verity, for traceability and compliance reporting in the agriculture and renewable fuels sector [21][22] - The GIVO North Dakota facility has a total estimated sequestration capacity of up to 1 million metric tons of CO2 per year [19] Q&A Session Summary Question: What is holding back the monetization of biogas credits? - Management explained that the monetization of clean fuel production tax credits for ethanol has been successful, and they expect similar success for biogas credits in the future [34][36] Question: Can we expect a similar cadence for the RNG business? - Management confirmed that the transaction structure for monetizing tax credits for the RNG facility is similar to that of the ethanol facility [37] Question: Is the $10 million benefit per quarter from CFPC a base case? - Management indicated that the $10 million figure is conservative, and they expect to exceed this amount based on production levels [40][42] Question: How will the company achieve $30 million in CDR sales? - Management stated that growth in CDR sales will come from increased capacity utilization and market development [43][45] Question: How does the 45Z tax credit affect capital allocation in North Dakota? - Management noted that while the 45Z tax credit is beneficial, it does not significantly influence their capital allocation strategy for ATJ projects [58][60] Question: How many customers does Verity currently have? - Management reported that Verity has agreements with five ethanol customers and expects significant growth in this area [66][68] Question: What is the market opportunity for accommodating third-party volumes in CCS? - Management highlighted the potential for third-party CO2 volumes and the flexibility of their North Dakota site to accommodate additional capacity [90][92]

Financial Data and Key Metrics Changes - Revenue growth of 4.6% was achieved, with adjusted EBITDA growth of 8% and adjusted EBITDA margin expanding by 100 basis points [6][22] - Adjusted earnings per share reached 1.77, and adjusted free cash flow for the year to date was $1,420,000,000 [6][23] - The company updated its full year 2025 financial guidance, expecting revenue in the range of $16,675,000,000 to $16,750,000, adjusted EBITDA between $5,275,000,000 and $5,325,000, and adjusted earnings per share between $6.82 and $6.90 [15][16] Business Line Data and Key Metrics Changes - Organic revenue growth was driven by strong pricing, with average yield on total revenue at 4.1% and related revenue at 5% [7][18] - Environmental Solutions revenue decreased by $11,000,000 compared to the prior year, impacted by lower event volumes and sluggish manufacturing activity [22] - Adjusted EBITDA margin in the Environmental Solutions business remained flat at 23.7% compared to the prior year [22] Market Data and Key Metrics Changes - The average commodity price for recycling was $149 per ton during the second quarter, down from $173 per ton in the prior year [20] - Current commodity prices are approximately $130 per ton, with an expected full year average of around $140 per ton [21] - The company experienced a 47% increase in landfill C and D volume driven by hurricane cleanup activity and a 22% increase in landfill special waste revenue due to wildfire remediation efforts [20] Company Strategy and Development Direction - The company is focused on sustainability, with ongoing investments in employee training, plastic circularity, and decarbonization [10] - The development of polymer centers and renewable natural gas projects is advancing, with commercial production expected to begin in the fourth quarter [11][12] - The company plans to continue strategic acquisitions, with a pipeline supportive of continued activity in recycling and waste [14] Management's Comments on Operating Environment and Future Outlook - Management noted that the current demand environment is challenging, particularly in construction and manufacturing end markets, but remains optimistic about future recovery [31][47] - The company is committed to maintaining competitive wages and benefits for employees while managing labor disruptions effectively [40][42] - Management expressed confidence in the long-term growth potential of the business, particularly as manufacturing activity resumes [78] Other Important Information - The company returned $407,000,000 to shareholders through dividends and share repurchases, marking the 22nd consecutive year of dividend increases [14][15] - Total debt stood at $13,100,000,000, with total liquidity of $3,000,000,000 and a leverage ratio of approximately 2.5 times [23] Q&A Session Summary Question: Can you parse out the $200,000,000 reduction in the revenue guide? - The reduction is primarily due to lower volume expectations in recycling and waste, driven by weakness in construction and manufacturing end markets, accounting for about $65,000,000 of the reduction [29] Question: What is the estimated impact from labor disruption? - The impact includes additional labor costs to service customers and credits issued to customers in affected markets [38] Question: How does the company mitigate the impact of higher wages? - The company focuses on competitive wages to retain talent while ensuring that wage levels do not impair competitiveness [40][42] Question: What is the outlook for pricing discussions for next year? - The company is working to pass through cost increases to customers and expects to maintain a margin spread of 30 to 50 basis points per year [60] Question: How is the M&A pipeline looking? - The M&A pipeline remains strong, with a focus on regional deals and small tuck-ins, although no transformational deals are expected in the immediate term [82] Question: What is the current status of labor agreements? - The company has recovered from most sympathy strikes and is negotiating agreements in a few remaining markets [117]

Financial Data and Key Metrics Changes - In Q1 2025, the company generated $29 million in revenue with only two months of operations at Chivo, North Dakota [7] - The combined operating revenue and other net income for the first quarter was $30.9 million, with cash and cash equivalents totaling $135 million [23] - The company reported a consolidated loss from operations of $20.1 million and a non-GAAP adjusted EBITDA loss of $15.4 million for the last quarter [25] Business Line Data and Key Metrics Changes - The RNG subsidiary generated $5.7 million in revenue during the quarter, reflecting a $1.7 million increase compared to the previous year, driven by improved carbon score [23][24] - At Gevo North Dakota, income from operations was $500,000 with an adjusted EBITDA of $1.8 million for February and March [24] - Gevo RNG reported an income from operations of $1.1 million and an adjusted EBITDA of $2.7 million last quarter [24] Market Data and Key Metrics Changes - The company captured and sequestered 29,000 metric tons of CO2 at the North Dakota site, achieving a carbon intensity score of 21 [28] - The company expects to monetize the 45Z tax credits, which should enhance EBITDA growth [9][10] Company Strategy and Development Direction - The company aims to leverage its North Dakota site for growth, including the development of an alcohol-to-jet (ATJ) plant [13][14] - The strategy includes a modular approach to building ATJ capacity, which reduces risks and costs [14][26] - The company is actively pursuing opportunities to develop and deploy ATJ plant designs globally, focusing on partnerships rather than full ownership [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving EBITDA positivity this year, driven by the monetization of 45Z credits and improved RNG value [9][25] - The management highlighted strong support for the 45Z tax credits from Congress, which is expected to benefit the company significantly [57][62] - The company believes that domestic energy production can coexist with economic growth and carbon reduction [35] Other Important Information - The company has received approval from the IRS to apply for the 45Z tax credit, which is expected to be monetized soon [9][10] - The North Dakota site has the potential for further expansion, including additional ATJ plants [13][105] Q&A Session Summary Question: How should we think about the cash cadence for the year? - Management indicated that they will not spend $40 million on ATJ-sixty this year and are planning to refinance the RNG plant to free up cash [41][42] Question: Is there an established market for carbon abatement products? - Management confirmed that there is a growing market for durable carbon dioxide removals and they are expanding their presence in this area [50][51] Question: Are you potentially going to start monetizing 45Z right away in Q2? - Management expects to monetize the 45Z credits sooner rather than later and aims for overall EBITDA positivity this year [54][55] Question: Could you speak to the amount you expect to receive for ethanol and dairy RNG molecules? - Management explained that the value is proportional to the carbon intensity scores, with expectations for healthy returns based on their current CI scores [70][72] Question: Can you speak to the amount of value you're receiving for scope one and scope three emission credits? - Management indicated that these values are well north of the types of carbon value seen in LCFS markets, potentially exceeding hundreds of dollars per ton [89][90]

Financial Data and Key Metrics Changes - Revenues decreased to $42.9 million from $72.6 million year-over-year, primarily due to delayed biodiesel contracts in India [3] - Operating loss was $15.6 million, reflecting a $1.6 million increase in SG&A expenses, mainly from legal and transaction costs related to the sale of investment tax credits [4] - Net loss remained roughly flat at $24.5 million compared to Q1 last year [4] - Cash at the end of the quarter was $500,000 after $15.4 million of debt repayment and $1.8 million invested in carbon intensity reduction and dairy RNG expansion [5] Business Line Data and Key Metrics Changes - Dairy RNG business is scaling gas production, expecting to reach 550,000 MMBtu production capacity this year and grow to 1,000,000 MMBtu annually by the end of 2026 [5] - Ethanol plant revenue increased by $1.7 million due to stronger ethanol pricing, with expectations for margin expansion from recent EPA approval of summer E15 blending [4][6] - RNG volumes increased by 17% year-over-year [4] Market Data and Key Metrics Changes - The California Low Carbon Fuel Standard (LCFS) amendments are expected to significantly increase credit prices as supply tightens and demand increases [10] - Aemetis anticipates generating over $60 million annually from LCFS credits once provisional pathways are approved [10] Company Strategy and Development Direction - The company is preparing for an IPO of its India subsidiary, targeting late 2025 or early 2026, and evaluating expansion into RNG and ethanol production in India [7] - Aemetis is focused on sustainable aviation fuel projects and has received necessary permits for a 90 million gallon per year facility [8] - The company is positioned to benefit from federal and state policies enhancing the value of low carbon fuel operations [9] Management's Comments on Operating Environment and Future Outlook - Management expects multiple revenue streams from India, LCFS credits, and federal tax incentives to ramp up as the year progresses, positioning for a stronger second half of 2025 [5] - The company anticipates significant ramp-up in RNG revenues starting in Q3, driven by LCFS pathway approvals and volume growth [14] - Management expressed optimism regarding ethanol margins supported by policy tailwinds and reduced costs from the NVR project beginning in 2026 [14] Other Important Information - Aemetis received $19 million in cash proceeds from the sale of investment tax credits in Q1 2025 and expects additional sales in 2025 [12] - The company is actively working on marketing production tax credits, which will significantly increase its ability to pay down debt during 2025 and 2026 [23] Q&A Session Summary Question: Impact of tariffs on RNG production for 2025 and 2026 - Management indicated that the RNG value chain is primarily domestic, with no direct impact anticipated from tariffs [18] Question: Improvement in the balance sheet and debt outlook for 2025 - Management highlighted the repayment of $15.5 million of debt in Q1 and anticipated continued repayments through the year, supported by increased LCFS revenues and an upcoming IPO [21][22] Question: Dairy RNG OpEx trends - Management expects a dramatic decrease in OpEx per MMBtu as production increases, with current costs affected by startup phases and seasonal factors [28][29] Question: Ethanol segment EBITDA outlook - Management noted that ethanol margins are improving, driven by E15 approval and expected demand increases during the summer [30][32] Question: India business expansion and potential RNG and ethanol opportunities - Management confirmed ongoing exploration of RNG and ethanol opportunities in India, supported by government policies favoring these sectors [39][40] Question: Potential hiccups due to geopolitical issues in India - Management stated that current geopolitical tensions have not impacted their operations or supply chain [42] Question: Opportunities for cheaper debt from EB-5 financing - Management confirmed approval for $200 million in EB-5 financing with net interest costs below 3%, indicating a proactive approach to securing investors [46] Question: Update on 45Z tax credits and emissions rates - Management provided insights on the timing of final rules from Treasury and the potential for increased RNG value based on provisional emissions rates [55][56] Question: Ethanol fundamentals and E15 adoption - Management expressed optimism regarding the impact of E15 adoption in California and the overall positive outlook for ethanol margins [62][64]